TOD'S GROUP: 2018 EBIT margin expected to narrow more than 300bp, with no clear recovery in 2019! | NEUTRAL | EUR44 vs. EUR56
TOD'S GROUP - NEUTRAL | EUR44 vs. EUR56 (+17%)2018 EBIT margin expected to narrow more than 300bp, with no clear recovery in 2019!
2018 sales set to fall 0.8% organically
2018 EBIT margin expected to narrow 340bp to 8.2%
2018-2020 EPS lowered by 22%
Visibility too poor over the short term; FV of EUR44 vs EUR56
Tod's operates in the luxury sector under its proprietary brands (TOD'S, HOGAN and FAY) and licensed brands (ROGERVIVIER). Co. creates, produces and distributes shoes, leather goods and accessories, and apparel. The TOD'S brand is known for shoes and luxury leather goods. The HOGAN brand is known for shoe collections for women, men and children, and also crafts various leather goods items. FAY is a brand with a focus on casual wear. ROGERVIVIER brand includes shoes, handbags, small leather goods, jewelry and sunglasses.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.